Need to enter into more FTAs with developed nations to increase exports, says Goyal

Commerce & Industry Minister Piyush Goyal has stressed on the need to enter into more Free Trade Agreements (FTAs) with developed nations and urged participants of the first meeting of the reconstituted Board of Trade meeting to focus on the possibilities each sector has in FTAs.

Participants from various export sectors, such as garments and textiles, dairy, leather, engineering goods and gems & jewellery, who participated in the meet, raised issues such as need for greater foreign market penetration, roll-back of export duties and exemption from certain input duties.

“None of the points you have made will not go unnoticed,” the Minister promised suggesting that a practice of submission of an action taken report to the BOT should be put in place.

The Board of Trade meeting focused on export target setting, the new Foreign Trade Policy  (2022-27), and the strategies to be taken in order to take forward domestic manufacturing and exports, a release issued by the Commerce & Industry Ministry stated.

The BoT advises the government on policy measures connected with the FTP to achieve the objectives of boosting India’s trade.

Logistics policy to be released on September 17

Goyal also announced that Prime Minister Narendra Modi will release the Logistics Policy on  September 17.

Global confidence in India’s prospects for growth are huge and the domestic industry should overcome all weaknesses to grab the plethora of growth opportunities available to the nation, the Minister  said.

Goyal spoke of the need to find ways to encourage people to comply and bring in transparency and ease of doing business. “India should become an honest country,” he added. Stating that trade is a strong pillar to achieve the five vows that Prime Minister spoke of on August 15, Goyal expressed confidence that today’s meeting reflects the collective belief of all of us in working towards achieving a developed India.